Finextra News: UK Payments community calls on Open Banking to do more to enable access for fintechs

23rd May 2018
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A UK payments industry trade body is calling on the Open Banking Implementation Entity (OBIE) to force banks to do more to enable access for fintech firms.

The Open Banking era, enabling Brits to share their banking data with trusted third parties, has gotten off to a subdued start in its first few months. This has prompted the Emerging Payments Association (EPA) to write an open letter to the OBIE demanding amendments to the initiative’s framework to help third parties “realise the potential of Open Banking”.

The letter makes clear that EPA members believe that the nine banks covered by the framework “have displayed varying levels of enthusiasm in embracing certain aspects of Open Banking, with some described as striving to meet the letter, rather than the spirit”.

The letter sets out worries not only about banks’ compliance with Open Banking, but also public perception and consumer protection surrounding the project.

Tony Craddock, director general, EPA, says: “Just having Open Banking will not stimulate innovation on its own. You have to collaborate to stimulate innovation.

“This Open Letter highlights what is missing from Open Banking and what needs to be done now to ensure its success.”

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